DUBLIN--(BUSINESS WIRE)--The "Tracheostomy Products Market by Product (Tracheostomy Tube (Double Lumen, Cuffed, Fenestrated), Accessories), Technique (Ciaglia Blue Rhino, Translaryngeal, Percutwist, Shachner/Rapitrac, Translaryngeal/Fantoni), End-User, Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Tracheostomy Products Market Size is Projected to Reach USD 220 Million By 2024 from USD 179 Million in 2019, at a CAGR of 4.2%
The growth in this market is driven majorly by the availability of clinical evidence for their safety & efficacy, increasing prevalence of respiratory diseases & disorders, and technological advancements. However, the high cost of tracheostomy procedures and a dearth of skilled surgeons to conduct tracheostomy procedures are expected to restrain the growth of this market during the forecast period.
Tracheostomy tubes segment to witness the highest growth in the tracheostomy products market, by type, between 2019 & 2024
The tracheostomy tubes segment is estimated to grow at the highest CAGR during the forecast period. Growth in this market can primarily be attributed to the availability of reimbursement and insurance coverage, R&D activity for product development, and the clinical evidence for the safety & efficacy of tracheostomy tubes. This market is driven further by procedural and technical benefits offered, such as low resistance to airflow, easy suctioning, no trauma to the sub-glottic region, and large internal diameter.
In 2018, hospitals & surgical centers were the largest end-users
The hospitals & surgical centers segment accounted for the largest share of the tracheostomy products market in 2018. The large share of this segment is attributed to the prevalent trend of economic expansion and government focus on broader welfare policies has led to the growth of the healthcare sector in emerging economies. Also, growing healthcare consolidation to improve access to healthcare services - along with rapid developments in healthcare infrastructure and improving access to healthcare services - are expected to be the key factors driving the growth of the tracheostomy products market for hospitals & surgical centers.
Asia Pacific to register the highest CAGR during the forecast period
The tracheostomy products market in the Asia Pacific is expected to grow at the highest CAGR during the forecast period, majorly due to the increasing investments in the healthcare industry by key market players. Rising demand for cutting-edge technologies, the expansion of private-sector hospitals to rural areas, low labor costs, and the favorable regulatory environment are the other factors anticipated to augment market growth during the forecast period.
- Increasing Prevalence of Respiratory Diseases & Disorders
- Technological Advancements
- Favorable Reimbursement Scenario
- Rising Patient Demand for Home Care Services
- Clinical Evidence for the Safety and Efficacy of Tracheostomy Devices
- High Cost of Tracheostomy Procedures
- Increasing Pricing Pressure on Market Players
- Emerging Markets
- Dearth of Skilled Surgeons
- Andreas Fahl Medizintechnik-Vertrieb GmbH
- Boston Medical Products, Inc.
- ConvaTec Group PLC
- Cook Group
- Fisher & Paykel Healthcare Ltd.
- Fuji Systems Corporation
- Medis Medical (Tianjin) Co. Ltd.
- Smiths Group PLC
- TRACOE Medical GmbH
- Teleflex Incorporated
- Troge Medical GmbH
- Well Lead Medical Co., Ltd.
- Xinxiang Huaxi Sanitary Materials Co., Ltd
For more information about this report visit https://www.researchandmarkets.com/r/3amhu6